iHeartMedia announces that it is entering into amendments to the employment agreements with chairman and CEO Robert W. Pittman and president COO Richard J. Bressler. These amendments extend their
contracts from the end of 2026 to December 31, 2029. The company says that the amendments provide that outstanding equity awards granted at least six months prior to a qualifying retirement termination will remain outstanding and eligible to vest in accordance with the original vesting schedule (and, for performance-based awards, based on actual performance). Additionally, Bressler’s amendment increased his cash severance multiplier from 1.5x to 2x to align his severance payments and benefits (upon a qualifying termination of employment) with Pittman’s existing severance payments and benefits.
